The Board of Control of Lake Superior State University agrees to provide tax
deferred Supplemental Retirement Annuity programs (SRAs) for its employees.
The following conditions must be complied with for the Board of Control to
consider an agreement between the provider and the University to offer an SRA.

The program must qualify under Sections 403(b) and 415 of the Internal
Revenue Code.

All full and part-time employees of the University must be eligible to
participate in the program on a voluntary basis to the full extent permitted
by the Internal Revenue Code.

A minimum of University employees must agree in writing to participate
in any new SRA program before the Board will consider approval of the program.

After a program has been approved with five participating employees, it
will not be discontinued if the number of active employees participating
in the program decreases below five.